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Brokerage Accounts for Student Loans

wlscott6

Good morning! I'm just getting everything set-up in Quicken and I'm trying to add my students loans which are all serviced by FedLoan Servicing. I managed to get the loans to show up, but I got a message from the Quicken system that essentially says to set my loans up as brokerage accounts - for the life of me, I can't figure out how to add a brokerage account or where that should be in the system. I'm using the Windows subscription desktop version of Quicken.

Thanks for any help!

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Accepted answers

Quicken_Tyka

Hello @wlscott6

Thank you for the response and the additional details. This issue you have described will require a review of the logs and possible escalation to resolve. You will need to contact support to complete this process.

Alternatively, you may create a manual loan account and use a Detailed Loan Reminder. This will track the payment due monthly and split out the principal and interest. Many members prefer this method as it will include split details where a connected account will not.

Please let us know how you decide to proceed and the result.

-Quicken Tyka

All comments

wlscott6

Just to update - I've been reading through other threads on this issue with FedLoan Servicing. Other chats have mentioned the same error message of adding student loans as a brokerage account - the fix on those was to run the Validate & Repair and then close and reopen Quicken. I've done this and I am still getting the same response of "Unsupported" "Don't add to Quicken" and "To activate transaction download for this account: click Add Account and select Brokerage..."

Thanks!

NotACPA

Something here is terribly wrong. Because a brokerage account is an ASSET, and a student loan is a LIABILITY.

And one thing can't be both.

What is the exact wording of the message that you're getting?

Also, what Q product are you running and what BUILD of that product? Do HELP, About Quicken for this info.

wlscott6

The screen that pops up shows all of my loans and for each one the type says "*Unsupported" and the Action says "Don't Add to Quicken". The message at the bottom of the window says "Express Web Connect does not support transaction download for brokerage accounts. To activate transaction download for this account: click Add Account and select Brokerage as the account type."

The build if 27.1.31.20

Honestly, I've been having a lot of troubles with getting this system up and running - I don't think our finances are all that complicated. One checking, one savings, a couple credit cards, my student loans, a few investments... Nothing outrageous. I wanted some extra help to take firm control of budgeting. But, with the troubles I'm having just trying to get this program moving... I'm not sure I'm getting what I thought, I guess... Very hopeful to get some help. Thanks!! :smile:

Quicken_Tyka